Thomas & Betts Corp (TNB) reported fourth quarter net earnings of $27.07 million or $0.51 per share, compared to $17.08 million or $0.31 per share last year.
Earnings per share from continuing operations were $0.51, compared to $0.45 in the same quarter a year earlier.
Net earnings from continuing operations were $37.0 million or $0.70 per share, excluding $0.19 per share in unusual items related to debt refinancing, facility consolidation and intangible asset impairment, compared to $44.2 million, or $0.81 per share, excluding a $0.36 per share impairment charge in the prior-year period.
On average, 8 analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share. Analysts' estimates typically exclude special items.
Net sales declined to $492.8 million from $571.32 million in the prior year quarter. Seven analysts estimated revenues of $488.04 million.
The company anticipates little year-over-year change in its full year consolidated sales as pockets of growth in certain markets will be offset by declines in others. The company is currently targeting full year 2010 net earnings from continuing operations in the range of $2.20 to $2.60 per share.
Analysts expect the company to earn $2.38 per share, on revenues of $1.94 billion.
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